Selling your gold for cash could be tougher from next month onwards

If you are looking to make some quick cash by selling your household gold, it’s the right time to so; from April 1, the cash limit for sale against gold will be reduced from Rs 20,000 to Rs 10,000 per person a day.

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Exceeding this limit would attract a new scheme of things, posing problems for both buyers and sellers.

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"This will affect rural India the most where people are not yet accustomed to bank transfers or online transactions. In urban India, a buyer can transfer money to a seller's account and the latter can withdraw it," Saurabh Gadgil, national director, India Bullion & Jewellers Association, told ET.

Also read: Appetite For Jewellery Boosts India Gold Demand - WGC

Earlier, gold traders used to buy gold and raise multiple invoices against the purchase when the value exceeded Rs 20,000. However, it will become difficult to raise multiple invoices under the new rules.

(Image source: WhatsUpLife)